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Joint BIS/ECB Workshop on “Monetary policy and financial stability”

Thursday

13:30-13:45	Welcome: Jaime Caruana
13:45-14:15	Keynote speech by Lucas Papademos: “Price Stability and Financial Stability: Policy Trade-offs and Central Bank Responsibilities”
	Session 1: DSGE with Banking Chair: Frank Smets
14:15-15:15	‘Bank Capital Regulation, Lending Channel and Business Cycles’ by Longmei Zhang presentation, paper Discussant: David Vestin discussion
15:15-15:45	Coffee break
15:45-16:45	‘Banks, Credit Market Frictions and Business Cycles’ by Ali Dib paper, presentation Discussant: Andrea Gerali discussion
16:45-17:30	Lecture by Simon Gilchrist lecture
18:45	Walk to dinner at Gundeldingerhof

	Chair: Claudio Borio
8:45-9:15	Keynote speech by Stephen Cecchetti: “Integrating financial stability: new models for a new challenge” presentation
	Session 2: Credit cycles and asset price booms
9:15-10:15	‘An empirical assessment of the risk taking channel’ by Yener Altunbas, Leonardo Gambacorta and David Marques-Ibanez presentation, paper Discussant: Gabriel Jiménez discussion
10:15-10:45	Coffee break
10:45-11:45	‘Speculative Growth, Overreaction, and the Welfare Cost of Technology-Driven Bubbles’ by Kevin J. Lansing presentation, paper Discussant: Ester Faia discussion
	Session 3: New Transmission Mechanisms
11:45-12:45	‘Risk-Shifting, Fuzzy Capital Requirements and the Build up of Financial Fragility’ by Simon Dubecq, Benoit Mojon & Xavier Ragot paper Discussant: Christian Upper discussion
13:00-14:00	Lunch (Rooms RS, Ground floor)
	Chair: Carsten Detken
14:15-14:45	Keynote speech by Randall Kroszner: “Using research in the crisis”
	Session 3: New Transmission Mechanisms (contd)
14:45-15:45	‘Monetary Policy, Housing Booms, and Financial (Im)Balances in the U.S.’ by Sandra Eickmeier & Boris Hofmann Discussant: Mathias Drehmann
15:45-16:45	‘Money Talks: Information and Monetary Policy’ by Marie Hoerova, Cyril Monnet & Ted Temzelides presentation, paper Discussant: Olivier Loisel discussion